Atlantic Lithium says it remains confident that parliamentary ratification of its revised mining lease for the Ewoyaa Lithium Project will be secured soon, describing the approval as strategically important for both Ghana and the company’s long-term development plans.
Addressing shareholders at the company’s 2025 Annual General Meeting held online on Thursday, the Chairman said Atlantic Lithium had spent the past year positioning itself to deliver value while navigating the delay in the lease ratification and persistent volatility in global lithium markets.
He emphasised that “the fundamentals for lithium remain robust, underpinned by electric vehicle growth and energy storage demand,” assuring investors that Ewoyaa still stands out as a low-cost, near-term development asset.
The company recently agreed new fiscal terms with the Government of Ghana that reflect current market conditions and support the viability of the project. The revised lease has been submitted to Parliament and referred to the Select Committee for review. “We remain confident that ratification will follow soon, recognising the Project’s strategic importance to both Ghana and the Central Region,” the Chairman told shareholders.
To reinforce its financial stability while awaiting parliamentary approval, Atlantic Lithium secured two funding agreements with Long State Investments Ltd, providing access to up to £28 million over a 24-month period. The Chairman described the arrangement as a flexible facility that helps limit shareholder dilution while ensuring the project remains on track. He added that Long State’s backing was “a strong endorsement of both our strategy and the Project’s potential.”
The AGM statement highlighted measures taken to streamline operations amid lower lithium prices, including leadership salary reductions, cost cuts and restructuring of teams in Ghana and Australia. Despite these adjustments, the company said its exploration programme outside Ghana continues to deliver positive results. Early fieldwork at the Agboville and Rubino licences in Côte d’Ivoire has yielded “encouraging results” that point to significant lithium potential.
With global demand for electrification expected to rise, the company reiterated that Ewoyaa’s development could position Ghana as a new entrant in the global lithium supply chain. The project already holds a mining lease issued in 2023, an EPA permit granted in 2024, and a Mine Operating Permit. Once the final parliamentary approval is secured, Atlantic Lithium expects to accelerate development activities.
“The resilience of our team has been exceptional through challenging conditions,” the Chairman said. “With Mining Lease ratification expected soon, we look ahead to a promising 2026 and beyond.”
Atlantic Lithium is targeting delivery of Ghana’s first lithium-producing mine, backed by a broad portfolio of exploration licences across Ghana and Côte d’Ivoire.